MANAGEMENT ACCOUNTING FROM: MANAGEMENT ACCOUNTANTS 1 TO GENERAL MANAGER 1 ZYLLA COMAPNY SUB: MANAGEMENT ACCOUNTING SYSTEM INTRODUCTION
Added on 2020-10-04
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MANAGEMENTACCOUNTING
Table of ContentsFROM: MANAGEMENT ACCOUNTANTS................................................................................1TO,...................................................................................................................................................1GENERAL MANAGER..................................................................................................................1ZYLLA COMAPNY ......................................................................................................................1SUB: MANAGEMENT ACCOUNTING SYSTEM .....................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1:...............................................................................................................................................1P2:...............................................................................................................................................2M1:..............................................................................................................................................4TASK 2............................................................................................................................................5P3:...............................................................................................................................................5M2:..............................................................................................................................................7D2:...............................................................................................................................................7TASK 3............................................................................................................................................7P4:...............................................................................................................................................7M3:............................................................................................................................................10D3..............................................................................................................................................10P5:.............................................................................................................................................10M4.............................................................................................................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
FROM: MANAGEMENT ACCOUNTANTSTO,GENERAL MANAGERZYLLA COMAPNY SUB: MANAGEMENT ACCOUNTING SYSTEM INTRODUCTIONManagement accounting is a crucial aspect which is applied by each firm for making thebusiness sustainable for the long run. This report is made on the Zylla Company for improvingtheir performance in an effective manner. However, there are certain tools which are covered inmanagement accounting system. The management accountant uses these tools for enhancingperformance of the Zylla Company (Hoque, 2002). On the basis of these managementaccounting tools, reports are made so that the company could make effective decisions for thefirm. In this report, net profit is maximised by using absorption costing and marginal costing, andvarious planning tool are used for controlling budgets. Apart form this, company uses diversemanagement accounting tools for reducing the financial problems in effective management aswell.TASK 1P1:This is the process of recoding, summarising, assessing, interpreting and communicatinginformation in order to get the firm outcome in an effective manner. There is a need to makeeffective management accounting report so that they could frame an effective strategy for thefirm. Management accounting reports are made by considering all the financial and non-financialinformation of the firm. These management accounting reports are made on a daily, monthly orquarterly basis. There is no regulatory requirement for making the management accountingreport, and this is the key advantage of this (Herzig and et.al. 2012). By Relying on themanagement accounting reports, manager can make effective decision. There are diversemanagement accounting tools which are used by the firm. Some of them are as under:1
Cost accounting system: Under this, cost of the product is analysed in an effectivemanner. By using this tool, wastage costs is eliminated. This is the most effective tool that can beused by the firm for lowering costs from the overall costs. By reducing per unit cost, companycould lower the cost of product and gain competitive advantage over their rivals.Inventory management system: Under this system, inventory can be managed in anoptimum manner so that the Zylla could attain its pre-set objectives efficiently. With the help ofthis, company's available resources can be used in an effective manner. There is strong need toadopt this for gaining efficient outcomes in a firm. With the help of this, firm can track,estimates, reorder inventory via whole supply chain (Horngren and et.al. 2002).Job costing system: This is the system under which whole process that are related toaccumulation about the costs, linked with particular production or service job (Hansen, Mowenand Guan, 2007). This kind of information is used by the firm for making an effective tool thatcan be used by the firm for effective strategy of the firm.Price optimization system: Under this system, price is optimised in an effective mannerso that the company fixes the price in an effective manner. Price is fixed under this, so that thecompany could makes its price in a rate that can be used by the company in an effective manner.As per the fixed price, consumer is willing to buy the product in an effective manner.Batch costing system: This is the kind of job costing system. Under this, this is a form ofparticular order costing. Under this, each batch have a number of identical units but independentbatch would be different. Each batch is an independent cost unit that renders a batch number inthe similar way under which each job is rendered a job number.By applying these above-mentioned tools, firm can use effective strategy that wouldassist the firm for gaining sustainable development (Horngren and et.al. 2005). This can be saidthat the Zylla Company can use these tools for improving the performance of the firm.P2:The management accounting reporting is made by the analysing the financial and non-financial information that could be used by the firm for effective decisions. There are so manymethods which are sued by the firm for making reports. These reports help Zylla company andmanagers to control firm's performance as well as made frequently via accounting periods as therequirement The main objective of reporting system is to increase profitability with the use ofnecessary information from various financial statements. Such as profit and loss account, balance2
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